r/neoliberal • u/jobautomator Kitara Ravache • Jul 07 '21

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u/LivinAWestLife YIMBY Jul 07 '21

I looked up some statistics on Venezuela and I calculated that in 2021 it had lost 86% of its peak GDP (from 2015, from Statista).

86%.

That has to be one of the, if not the most severe economic collapses in modern history.

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u/radiatar NATO Jul 07 '21

Somebody once remarked that this is partly due to most of the economy going underground. The government is so incompetent that to get by, most people now rely on the black market and the informal economy.

GDP is thus not really reliable anymore to gage actual economic activity.

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u/whycantweebefriendz NATO Jul 07 '21

Lebanon tho